The Adani Group and POSCO of South Korea have signed a memorandum of understanding (MoU) to build a steel mill in Gujarat’s Mundra area worth Rs 500 crore.
According to a statement from the Adani Group, POSCO and Adani intend to use renewable energy resources and green hydrogen to make it an environmentally friendly integrated steel mill.
Jeong-woo Choi, the CEO of POSCO, said, “POSCO and Adani are able to come to great synergy in the steel and environment-friendly business with our state-of-the-art technology in steel making and Adani’s expertise in energy and infrastructure. I hope this cooperation will be a good and sustainable business cooperation model between India and South Korea.”
POSCO-Maharashtra, a 1.8-million-ton cold-rolled and galvanised mill, and four processing centres in Pune, Delhi, Chennai, and Ahmedabad are also part of the company.
POSCO and Adani have also signed an MoU with the Gujarat government for support and cooperation, according to the press release.